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Lordstown's "Endurance" started to not look good the minute it entered an off-road race and only was able to endure 40miles before it gave up ..
 

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Lordstown's "Endurance" started to not look good the minute it entered an off-road race and only was able to endure 40miles before it gave up ..
Yeah that's terrible.

Very interesting. I've had an eye on Lordstown as well. They've not seemed as impressive. Here a second article reference.
Lordstown article on MSN, repost from Car and Driver

I've always felt that Rivian had a better business model, to partner with Amazon to build delivery trucks to get the factory moving and to perfect the technology, before launching consumer vehicles.
It is and even with all the competition, there's still room for other companies.

Established car companies also need suppliers and Lordstown could've started out like that.
 

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Wouldn't jump to conclusions... Everyone seems to lead with a line like "Going out of business"... When it really is "Seeking more funding to scale up production".

As they have stated, they are on track with limited capacity this year (~1k units). If they get more funding they'll do 2k and get a running start into 2022 production.

The news here isn't actually new. They reported this on their investor call in 5/24.

Note from BoA Analyst :

Bank of America says the amended 10-K filed by Lordstown Motors (RIDE) warning of a 'going concern' issue should not be considered a major surprise....

"Nevertheless, with significant asset value (i.e. former GM Lordstown plant), management focus on securing capital, and still widely available capital for AutoTech entrants, we are hesitant to draw a conclusion that RIDE will not be able to line up additional funding,"

Today there are more reasoned takes, instead of overreactions to a technical definition they are required to state in their 10-K filing:

https://www.reuters.com/article/us-...s-in-talks-for-additional-funds-idUSKCN2DL264


Lordstown Motors Corp shares rallied to positive territory on Wednesday afternoon after the electric truck maker said it was in talks with multiple parties to raise funds.


Lordstown in a Wednesday statement reaffirmed it has “adequate capital to continue operations, meet supplier obligations and begin limited production,” but will need to raise additional funds and was in talks to do that.
 

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Lordstown's "Endurance" started to not look good the minute it entered an off-road race and only was able to endure 40miles before it gave up ..
To be fair, the R1T was only getting 50 miles of range when driving on sand dunes during the Rebelle Rally. That was with a 135kWh pack in the R1T versus a 109kWh pack in the Endurance. Plus the race Endurance had extra large off-road tires and extra high ground clearance.
 

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I think the situation might be more dire than some believe. According to CNN report:
“The company filing said it had $259.7 million in cash on hand as of March 31, after posting a net loss of $125.2 million over the previous three months.”

So they have less than 1 quarters worth of cash left at the current burn rate, and that burn rate will need to accelerate massively to ramp up production. If they don’t find additional funding, I don’t see them surviving the year. I was hopefully they would make it since I grew up in that area and “Lord” knows they need the jobs and industry there!
 

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I think the situation might be more dire than some believe. According to CNN report:
“The company filing said it had $259.7 million in cash on hand as of March 31, after posting a net loss of $125.2 million over the previous three months.”

So they have less than 1 quarters worth of cash left at the current burn rate, and that burn rate will need to accelerate massively to ramp up production. If they don’t find additional funding, I don’t see them surviving the year. I was hopefully they would make it since I grew up in that area and “Lord” knows they need the jobs and industry there!
During the earnings call on May 25 the company said the cash they have is sufficient to start production by the end of September and make up to 1000 trucks by the end of 2021. That would leave them with with 50-75 million cash by the end of the year assuming no additional funds are raised. They also said they are actively working to raise funds through various means and that they expect to be able to raise funds. The extra funds are needed to scale up production from this year's few hundred trucks per month into full scale commercial production of several thousand trucks per month.
 

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During the earnings call on May 25 the company said the cash they have is sufficient to start production by the end of September and make up to 1000 trucks by the end of 2021.
That sounds extremely optimistic, to me. Especially with Rivian and Lucid both announcing delays -- despite both companies looking to be much closer to being able to deliver compared to Lordstown.
 

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That sounds extremely optimistic, to me. Especially with Rivian and Lucid both announcing delays -- despite both companies looking to be much closer to being able to deliver compared to Lordstown.
It is an agresive schedule, but they have a well a equipped 6.2 million sqft factory (formerly owned by GM) that is larger than the Rivian and Lucid factories. They have already built dozens of beta trucks and have started crash testing. By the way, GM owns a significant number of Lordstown shares, has a seat in Lordstown's board of directors and has opened its parts bin to Lordstown. A good number of part in the Endurance come from the Chevy Silverado and other GM vehicles, so they don't have to do as much design and validation as other EV companies.
 

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That sounds extremely optimistic, to me. Especially with Rivian and Lucid both announcing delays -- despite both companies looking to be much closer to being able to deliver compared to Lordstown.
Lordstown already stocked their components for their run this year and brought in additional manufacturing in house due to covid issues a lot are having... Part of the reason they are running out of funds.

Also lordstown is not trying to produce at the scale of either rivian or lucid this year. Their goal this year was 2k trucks. I hope, rivian plans for more than that, otherwise launch r1t deliveries seem like they'll finish mid 2022... I'm not following lucid too closely, probably should since I own stock.

None of these companies are competing with one a other.
 

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To be fair, the R1T was only getting 50 miles of range when driving on sand dunes during the Rebelle Rally. That was with a 135kWh pack in the R1T versus a 109kWh pack in the Endurance. Plus the race Endurance had extra large off-road tires and extra high ground clearance.
The Rivian was loaded up with gear and per interview given by drivers made ~ +100mi each day on multi-surfaces.
 

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The Rivian was loaded up with gear and per interview given by drivers made ~ +100mi each day on multi-surfaces.
Driving on deep sand kill the range of any vehicle and there was plenty of deep sand at the San Felipe race. Here is the Rebelle Raly driver talking about the R1T range in various conditions.
 
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